After seeing a much-welcomed reprieve last summer from soaring prices, lumber costs appear to be on the rise once again. According to data from the National Association of Home Builders as reported by Realtor Magazine, lumber prices have nearly tripled over the past four months.
The increased cost of lumber is having a direct impact on home builders who are raising their prices on new homes in response. Builders report that the recent price jumps have translated in to a $18,600 increase in the price of an average new single-family home.
Lumber prices began their volatile journey in April 2020 when the pandemic caused many sawmills to halt production.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.0 percent and 15-year rates are near 2.25 percent.
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